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if the bill doesn't make it through congress before the end of the year, the government will be forced to buy vast quantities of milk under a truman era law that could send consumer milk has high as $6 to $8 a gallon because the government would be forced to pay twice the rate under the 1949 rules. fomples are would sell their milk to the government first prompting a shortage in supplies which would spike the price consumers pay. >> the farm bill is like this low hanging ornament on the congressional christmas tree that, if they just embrace, it they can automatically come up with tens of billions ever dollars in budget savings. >> reporter: the problem is the bill is stuck in the house and there appears to be no political will to move it forward. agriculture secretary tom vilsack says out of precaution, his department is preparing for the law to take effect. >> this is a bad outcome. let me be very clear about this. i don't think we should want nor should we advocate for nor should congress consider it a good outcome that permanent law goes into effect. >> reporter: and it is not just
if the bill doesn't make it through congress before the end of the year, the government will be forced to buy vast quantities of milk under a truman era law that could send consumer milk has high as $6 to $8 a gallon because the government would be forced to pay twice the rate under the 1949 rules. fomples are would sell their milk to the government first prompting a shortage in supplies which would spike the price consumers pay. >> the farm bill is like this low hanging ornament on the...
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the demonization of people who believe in limited government and a government that represents we, the people, and not we, the elites. and i really think that it's archaic and dinosaur-like of folks like sam donaldson who have long been out of power. i mean we broke the liberal media monopoly years ago, and this is really their death row call, not ours. thanks, sam. >> good to see you. thank you for being with us. happy new year. >> you bet. >> that's all the time we have left for the special fiscal cliff edition of hannity. thanks for being with us. let not your heart be troubled because the news continues and greta is standing by to go live on the record. greta, take it away. >> this news alert. an emergency meeting tomorrow at the white house. president barack obama, speaker of the house john boehner, house minority leader nancy pelosi, harry reid and mitch mcconnell. can they make a deal or can they do their jobs or is this just more political drama? >> we want an agreement. >> the count down is midnight. the start of a new year. >> we are going over the cliff because frankly i bel
the demonization of people who believe in limited government and a government that represents we, the people, and not we, the elites. and i really think that it's archaic and dinosaur-like of folks like sam donaldson who have long been out of power. i mean we broke the liberal media monopoly years ago, and this is really their death row call, not ours. thanks, sam. >> good to see you. thank you for being with us. happy new year. >> you bet. >> that's all the time we have left...
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however, some complain that is a foreign concept to our government. correspondent william la jeunesse explains the push for national yard sale. >> amtrak to vacant buildings like these in california many wonder if the federal government should sell what it doesn't need. >> so instead of raising taxes that takes money out of the economy and loafers activity, we should look to sell federal assets. >> empty v.a. hospital in los angeles for $5 billion or part of the water front former military base in san francisco. both cases, politicians said no. they want to make sure they are taken care of. sometimes it gets in way of what is best for the nation. >> federal government is america biggest landlord. selling 20% of the empty or underperforming buildings would save $2 billion. you go through and clear it out. it's a matter of scale. defense refused to sell valuable public land adjacent to fast-growing city. without charging royalties like we do for oil and natural gas. selling amtrak could net $60 billion. the tennessee authority and the power would bring
however, some complain that is a foreign concept to our government. correspondent william la jeunesse explains the push for national yard sale. >> amtrak to vacant buildings like these in california many wonder if the federal government should sell what it doesn't need. >> so instead of raising taxes that takes money out of the economy and loafers activity, we should look to sell federal assets. >> empty v.a. hospital in los angeles for $5 billion or part of the water front...
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doctors will see an immediate cut in medicare payments from the government. here to talk about this with us, jared bernstein who served as vice president biden's chief economist and now senior fellow the center of budget and policy orders. msnbc contributor. we thank you so much for coming on the show. mr. bernstein, i want to put up a graphic in terms of the literal impact going over the fiscal cliff. if you make $20,000 you will see tax hike of $412. if you are middle $, 40,000 to $65,000, average tax hike of fearly nearly $2,000 which is significant. is this being lost on the policymakers now? >> i think it is. i mean -- if you -- were really concerned about how middle income people are doing and howing the unemployed are doing, how the average person who depends on their pay paycheck, not their stock portfolio is doing, you quickly resolve these cliff issues so the tax rates don't revert to get you the results you just showed. very quickly extend unemployment. i mean, i thought the point that someone made earlier in the reporting was critical. there are m
doctors will see an immediate cut in medicare payments from the government. here to talk about this with us, jared bernstein who served as vice president biden's chief economist and now senior fellow the center of budget and policy orders. msnbc contributor. we thank you so much for coming on the show. mr. bernstein, i want to put up a graphic in terms of the literal impact going over the fiscal cliff. if you make $20,000 you will see tax hike of $412. if you are middle $, 40,000 to $65,000,...
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Dec 28, 2012
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you have forest service, 30% of the land is owned by the federal government. so there's a lot of federal dollars that come to montana. that's part of the system. >> what would be the economic impact, going back to what the farmer was telling us about the situation, if estate taxes go up 55%. we're going to see farmers cutting back on the size of their farms, some may even go out of business. what's the economic impact and how can you mitigate that, governor? >> the difficulty here is over the long-term. naturally, sometime during january if we go over the cliff which is more of a hill, these congressmen will come to their senses. they've gone completely crazy and apparently if you vote for something on december tlonl, then it's okay with grover nor quist and if it's after december 31st, it's something else. look, a pledge is one thing, but look right now we've been spending money on a credit card nationally for the last ten years without paying for it. both parties have been doing it. it's time to pay down. spend less and we have to raise more money. >> that's
you have forest service, 30% of the land is owned by the federal government. so there's a lot of federal dollars that come to montana. that's part of the system. >> what would be the economic impact, going back to what the farmer was telling us about the situation, if estate taxes go up 55%. we're going to see farmers cutting back on the size of their farms, some may even go out of business. what's the economic impact and how can you mitigate that, governor? >> the difficulty here...
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Dec 28, 2012
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if the rest of the government isn't going to follow along, india's government is very constricted in many ways from what it can do. so unfortunately this hasn't been made a big case, a big issue of yet so far but i actually think that this could be the time. i think that this case could give an opening. >> well, news from singapore of the young woman's death after the gang rape broke during the middle of the night in the india. so indians in their millions will awake to the news that the woman has died. have we crossed a threshold. is this an issue that simply can't be put back in the bottle and forgotten? >> well, you know, i think that probably when it comes to the street protest the death, the tragic death of this woman is going through means the protest will peak today and it's possible that after that the protests will dribble off and you know this case may be forgotten. this woman's name may stop being the top of the news. but i think that this case is a watershed moment. i think it can be a watershed moment. there are many other cases in india of other social issues where civi
if the rest of the government isn't going to follow along, india's government is very constricted in many ways from what it can do. so unfortunately this hasn't been made a big case, a big issue of yet so far but i actually think that this could be the time. i think that this case could give an opening. >> well, news from singapore of the young woman's death after the gang rape broke during the middle of the night in the india. so indians in their millions will awake to the news that the...
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Dec 28, 2012
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the government has responded with what many governments often respond to in crisis management situation commissions and inquiry emotions are running very high and the call for capital punishment is an expression of the public outrage and you hear that a lot. and the government is said to be considering that. now of course the critics say, well, look this is not what's not needed here is greater punishment. but what is needed is better investigative and prosecutorial ca pace that is what will help the problem. but while there was this need, you know for policing reforms and better forensic and more efficient criminal justice system, the contours of the debate ray are coming down this to this. how do we change attitudes toward women. i mean indian women complain about a mentality that springs are from centuries of tradition. of defining women as objects and being subject ated. and young men say the women are achb seen as the repository of the family honor. so if the women is the victim of a sexual assault oftentimes she sown as having been dishonored the family rather than the r5i7ist who
the government has responded with what many governments often respond to in crisis management situation commissions and inquiry emotions are running very high and the call for capital punishment is an expression of the public outrage and you hear that a lot. and the government is said to be considering that. now of course the critics say, well, look this is not what's not needed here is greater punishment. but what is needed is better investigative and prosecutorial ca pace that is what will...
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Dec 28, 2012
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he heads an entirely separate branch of government with an altogether different purpose. i think we need to go back to the way the government was designed to operate, and that is the deliberative function, in the legislative branch, both the house and the senate, acting independently. and then resolving their differences through conference. that process works, it works very well. this business of a couple of legislative leaders and the president going behind closed doors, coming up with some clever scheme, and then dropping it in the laps of the congress for a take it or leave it vote produces bad policy. in fact, bad process also produces bad policy, and that's what we're seeing. >> congressman, we've been seeing virtually no progress to date, but i hope folks have your optimism about not going over the cliff because of the disastrous implications. congressman mcclinton, thanks for coming on. >>> chuck hagel hasn't even been formally nominated to be the next defense secretary, and he's already taking right hooks from members of his own party, but do the attacks add up? >
he heads an entirely separate branch of government with an altogether different purpose. i think we need to go back to the way the government was designed to operate, and that is the deliberative function, in the legislative branch, both the house and the senate, acting independently. and then resolving their differences through conference. that process works, it works very well. this business of a couple of legislative leaders and the president going behind closed doors, coming up with some...
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government, possibly s&p one more notch. it's not going over the cliff but the government can't come up with a real decision. i do, by the way, think there will be some kind of agreement over the weekend as your previous reporter said. i think it will be a light weight deal. the biggest thing, brian, is we get to do this in another 60 to 90 days with the debt ceiling. we have a lot of problems and issues but we can't seem to agree on much. >> craig, should we go over the fiscal cliff? >> well, brian, it's not an ideal situation. certainly i think if you could have both sides of the aisle rise above, as you guys have said, and come to some kind of a balanced deal, it would be great. given the alternatives right now, it's not that bad of a deal because if you look long term, the government spending has been about 20% of gdp. today that's 25%. revenues have been 18% of gdp. today that's 15.4%. it's both a spending issue and a revenue issue. so at least the cliff resolves the revenue issue. certainly it does it more than we need
government, possibly s&p one more notch. it's not going over the cliff but the government can't come up with a real decision. i do, by the way, think there will be some kind of agreement over the weekend as your previous reporter said. i think it will be a light weight deal. the biggest thing, brian, is we get to do this in another 60 to 90 days with the debt ceiling. we have a lot of problems and issues but we can't seem to agree on much. >> craig, should we go over the fiscal cliff?...
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government officials ordering people within a two mile radius to prepare to leave. the same volodymyr erup volcand earlier this year. >>> china. a huge fish tank holding sharks burst wide open at a shopping mall. security video capturing the moment the glass broke. saturdays of glass covering some shoppers. local media reporting several people with injuries from cuts to a broken leg. some of those lem on sharks, fish around turtles died. that s a wrap on this fox trip around the world in 80 seconds. >> harris: more on the breaking news at this hour. the death of retired general norman schwarzkopf. his extraordinary life and military career, next. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and repl
government officials ordering people within a two mile radius to prepare to leave. the same volodymyr erup volcand earlier this year. >>> china. a huge fish tank holding sharks burst wide open at a shopping mall. security video capturing the moment the glass broke. saturdays of glass covering some shoppers. local media reporting several people with injuries from cuts to a broken leg. some of those lem on sharks, fish around turtles died. that s a wrap on this fox trip around the world...
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Dec 28, 2012
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if there's a cut in government spending, where is the lift coming from, consumers, investment? therefore, the u.s. economy, we're on fragile ground right now. >> short term, sarge, this market held hostage minute by minute by the developments out of washington. >> yeah, sure, if we don't see any kind of compromise whatsoever, you'll see this s&p 500 trading in the 1360s next week. i think you'll get a short-term deal, address some of the issues, not really solve anything, kick the can down the road much like they do in europe and get your mild positive reaction going into the jobs data on friday. >> do you think we get a definitive move in this market one way or the other with some announcement out of washington, or is this market just so tired of all of the developments there? what do you think? >> well, there's still a risk-on trend, and if they kick the can down the road or actually come to some kind of compromise, that trend is intact, and you'll see going into the first few months of the year i believe very positive price action for all the equity indexs? >> what now, rick
if there's a cut in government spending, where is the lift coming from, consumers, investment? therefore, the u.s. economy, we're on fragile ground right now. >> short term, sarge, this market held hostage minute by minute by the developments out of washington. >> yeah, sure, if we don't see any kind of compromise whatsoever, you'll see this s&p 500 trading in the 1360s next week. i think you'll get a short-term deal, address some of the issues, not really solve anything, kick...
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Dec 28, 2012
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, we don't have any constituency to help reduce government spending. because we even not dealt with that issue, there's been no progress on the entitlement spending. this is unfortunate going to carry on through to the debt ceiling debate. what that means is every american is going to be harmed because the economy is not going to be wait should be. so because we have lacked the courage to face up, to deal with these issues, we here in washington are going to hurt the american economy, we're going to hurt americans at every level, and to me it's just a travesty that we've not been willing to deal with this issue when for the last two years, jeff, we have known this time is coming. no congress has been more prepared to deal what this issue than us. >> do you think there's going to be progress coming this afternoon? >> probably the worst-case scenario will come out of the meeting today. that, is we will kick the can down the road, jeff, we'll do some small deal, and we'll create another fiscal cliff to deal with this fiscal cliff. again, a total lack of c
, we don't have any constituency to help reduce government spending. because we even not dealt with that issue, there's been no progress on the entitlement spending. this is unfortunate going to carry on through to the debt ceiling debate. what that means is every american is going to be harmed because the economy is not going to be wait should be. so because we have lacked the courage to face up, to deal with these issues, we here in washington are going to hurt the american economy, we're...
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was a tremendous emotional response and the guns were banned and those people who owned them and the government knew where they were because they were all registered were required to hand them in even the target shooting olympic team was not allowed to keep guns in the country and they had to practice and keep their guns abroad, but nonetheless, within the decade of guns being withdrawn from these people gun crime with handguns actually doubled and guns are really are awash on the streets and there's a fair amount of street crime using handguns which there hadn't been much of before, and it's beyond which was something that traditionally they never were. so it hasn't worked and what it has done and it's taken the guns away from the law-abiding people that might have used them to protect themselves or to do something else with legitimately. >> what do you say to people who look at united states and say, wow! random mass murderers -- i heard it today. random mass murders in the united states where some whacko killed a bunch of people he doesn't know seems to happen every six months in the united
was a tremendous emotional response and the guns were banned and those people who owned them and the government knew where they were because they were all registered were required to hand them in even the target shooting olympic team was not allowed to keep guns in the country and they had to practice and keep their guns abroad, but nonetheless, within the decade of guns being withdrawn from these people gun crime with handguns actually doubled and guns are really are awash on the streets and...
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we want something done through the government. and if nothing gets done you will see the market come down, or i should say if something small gets done that is not what we need. in a few months we revisit this once again. you also have the debt limit ceiling we're looking at the end of the year as well there is so much going on. if we kick this down the road we'll lose complete confidence in the government. they will sit on money, they will not spend and recession is inevitable. >> s&p has been up. all other markets have pretty much been up on the year. do you think people who are checking their 401(k)s and what not, the pension plans, they don't really appreciate perhaps the gravity of what is about to hit them? >> no, they don't. most people surprisingly when you ask them how well they have done with their 401(k), they think they have done terrible but when they open their statements at end of the year they will be pleasantly surprised. one of the thing people have they have been scared and on the sideline. people making money a
we want something done through the government. and if nothing gets done you will see the market come down, or i should say if something small gets done that is not what we need. in a few months we revisit this once again. you also have the debt limit ceiling we're looking at the end of the year as well there is so much going on. if we kick this down the road we'll lose complete confidence in the government. they will sit on money, they will not spend and recession is inevitable. >>...
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that is bad way to run the government. gregg: mary katherine, no way to run a government but we've been saying that for 200 years. and i have too. but, mary katherine, look, what does it say about boehner's leadership, when he can't even get a vote on his own plan? >> no, i think that was a good opportunity for republicans to pass something. i think many of them made a mistake in foiling that plan because i think it was a decent one that had good points even though they obviously didn't get everything they wanted. i still think this could go either way. you guys point out this is no way to run a government and hasn't been for 200 years. i argue part of the reason we get into these situations a lot more often past couple years, one, we're running out of the money. two because democrats in the senate have failed to engauge even semblance of a regular budget process. i would like to bring that back sometime in the near future. regardless i think this could go either way next couple days. it is encouraging they're meeting. it
that is bad way to run the government. gregg: mary katherine, no way to run a government but we've been saying that for 200 years. and i have too. but, mary katherine, look, what does it say about boehner's leadership, when he can't even get a vote on his own plan? >> no, i think that was a good opportunity for republicans to pass something. i think many of them made a mistake in foiling that plan because i think it was a decent one that had good points even though they obviously didn't...
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government is good or government is bad. it is somewhere in between. my experience working with the department of education, for the most part, the tensions are -- intentions are good. it drives people near profit. you get to the collection side and there's a whole system of financial systems that draws people more towards profit. hopefully we can have a conversation of higher education in the first place. it is what is right now. we're denying some many people the benefits of it. >> the example of $10,000 of and come and $30,000 of debt, either they are not aware of what that means, for there are expecting the child. i say we get rid of alone and have a rational set of limits on the student loans based on the degree lovell that will specify -- level that will specify what the likely in come as going to be. the annual limits of will be proportional. based on the length of the degree program. i think that we need to do more on the back end. and i know you agree with this. we'd have a bankruptcy discharge available. we need to restore a statute of limita
government is good or government is bad. it is somewhere in between. my experience working with the department of education, for the most part, the tensions are -- intentions are good. it drives people near profit. you get to the collection side and there's a whole system of financial systems that draws people more towards profit. hopefully we can have a conversation of higher education in the first place. it is what is right now. we're denying some many people the benefits of it. >> the...
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i'm increasing my interest because these guys can't run a government. you're looking toward going to a recession while we're playing politic s in washington. this is very serious. this is not just beltway rhetoric here. i think people need to understand to the point of calling their congressional representative in outrage today, saying we should not be at this point. they're playing politics with the actual livelihood of families. this is not something that -- it would be all right a week or two or three or four. we start going down the cliff, we don't know whether the momentum downward is going to be very, very damaging. >> yeah. maybe. >> you have that smirk on your face. >> well, maybe. i agree with the reverend that they're playing politics with livelihoods because it is a huge risk. you're right about that. i disagree a little bit on the sort of dramatic immediate impact of it. what we could get -- this is a responsibility, what we could get. i'm just trying to be optimistic because it's toward the end of the year and it's been a crummy year for a
i'm increasing my interest because these guys can't run a government. you're looking toward going to a recession while we're playing politic s in washington. this is very serious. this is not just beltway rhetoric here. i think people need to understand to the point of calling their congressional representative in outrage today, saying we should not be at this point. they're playing politics with the actual livelihood of families. this is not something that -- it would be all right a week or...
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Dec 28, 2012
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unfortunately, you know today the average american doesn't realize that there's 40% of government services that they're not paying for. only one-third of medicare is paid for by those people who actually use it and because there's been this charade going on, where the left and right basically have conspired together to shield the american people from the true cost of government, we really don't have any constituency here to help reduce spending because we have not dealt with that issue, there's been no progress on the entitlement spending this is unfortunately going to carry on to the debt ceiling debate and what that means is every american is going to be harmed because the economy is not going to be what it should be. so because we have lacked the courage to face up to deal with these issues we here in washington are going to hurt the american economy we're going to hurt americans at every level, and to me it's just a travesty that we've not been willing to deal with this issue when for the last two years, jeff we have known this time is coming. no congress has been more prepared to deal
unfortunately, you know today the average american doesn't realize that there's 40% of government services that they're not paying for. only one-third of medicare is paid for by those people who actually use it and because there's been this charade going on, where the left and right basically have conspired together to shield the american people from the true cost of government, we really don't have any constituency here to help reduce spending because we have not dealt with that issue, there's...
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no, we're not talk being our federal government, of course. we're talking about warren county, ohio, somehow lawmakers there have managed to keep the county debt free while growing their population and guess what? they say it's easy. joining us now to explain, commissioner of warren county, mr. dave young. okay, dave, there are five guys, four guys, pelosi, boehner, reid and mcconnell, along with president obama, who might want to watch this segment. how did you do it in warren county, ohio? >> well, we try to keep it simple. me and two others don't think this government stuff is all that hard. hard is being out of a job and not being able to make your mortgage payment. hard is having a sick child. running a government and living within your means, not hard. so really the folks in washington should try to put aside some of their own petty concerns and say, let's be a statesman. let's step up and try to do what's right for the country. >> eric: how did you do it? did you raise taxes? looks like you have a projected $20 million reserve fund for
no, we're not talk being our federal government, of course. we're talking about warren county, ohio, somehow lawmakers there have managed to keep the county debt free while growing their population and guess what? they say it's easy. joining us now to explain, commissioner of warren county, mr. dave young. okay, dave, there are five guys, four guys, pelosi, boehner, reid and mcconnell, along with president obama, who might want to watch this segment. how did you do it in warren county, ohio?...
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we have debt that's being issued by governments, by corporations. will we need a capital markets business? even though the capital markets businesses aren't beating their cost of capital right now what we're seeing is we're seeing compensation levels coming down, increasing the margins in it. we're seeing inventory levels come in. that means that the amount of capital that they're putting, that they have there is dropping, which of course would be an improvement in roes. all of this leads to a world of sort of a repricing of the capital markets. wider bid offers treads, less tratding volume, less risk taken but will there be a capital markets business? the answer is yes. unfortunately right now the issue we have is the fiscal cliff which makes everything uncertain at least through march. a lot of washington circus going on. we, you know, i think it's pretty reasonable to assume that no politician, no libertarian would ever want the u.s. to default on its debt. so by march we should have a solution to that. then what we are is we're back in an enviro
we have debt that's being issued by governments, by corporations. will we need a capital markets business? even though the capital markets businesses aren't beating their cost of capital right now what we're seeing is we're seeing compensation levels coming down, increasing the margins in it. we're seeing inventory levels come in. that means that the amount of capital that they're putting, that they have there is dropping, which of course would be an improvement in roes. all of this leads to a...